According to Fortune magazine, Texas is home to the fastest-growing Fortune 500 companies in America. The 2014 annual revenue rankings also noted that Texas is the only state that lays claim to three of the top 10 Fortune 500 companies.

"Our commitment to keeping taxes low, regulations reasonable, courts fair and schools accountable has helped produce an economic climate where businesses of any size can grow and thrive," Texas Gov. Rick Perry said in a statement. "This is more evidence that the Texas way of doing business helps create jobs and opportunity for families."

Fifty-two Fortune 500 companies are Texas-based. That's second only to New York and California, which each have 54.

In total, 52 Fortune 500 companies are Texas-based. That's second only to New York and California, which each have 54.

Dallas Fort Worth is home to 18 companies, including Exxon Mobil (No. 2) and AT&T (No. 11). San Antonio holds a handful of power players, the biggest being Valero Energy (No. 10). Meanwhile, Austin, Corpus Christi and El Paso each earned a single spot on the list.

In addition to growing faster than businesses in any other state, Texas Fortune 500 companies also enjoy greater sales revenue than their counterparts across the country. And if you look beyond the nation's biggest companies, Texas shines even brighter as it is the headquarters for 103 Fortune 1,000 business — the most of any state.

The accolades from Fortune come on the heels of another business publication's praise of Texas. After polling more than 500 CEOs, Chief Executive magazine named Texas the best state for business, an honor the Lone Star State has won 10 years straight. Texas also ranked No. 1 nationally for domestic migration, with more than 113,000 people moving to the Lone Star State in 2013.